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7 months of 2022: Vietnam has a trade surplus of nearly USD 1.1 billion

15/08/2022

The latest preliminary statistics of the General Department of Customs show that the total import and export value of Vietnam's goods in the second half of July reached USD 30.4 billion, a slight decrease of 0.6% compared to the first half of July 2022.

Accordingly, the total import and export value of the whole country in the seven months from the beginning of 2022 reached USD 433.6 billion, an increase of 15.3% over the same period in 2021.

During the period, the trade balance of goods reached a surplus of USD 2.12 billion. Accumulated in the first 7 months of the year, the trade balance reached a surplus of USD 1.08 billion.

According to data from the General Department of Customs, the value of Vietnam's exports in the second half of July reached nearly USD 16.3 billion, an increase of 13.8% over the previous half-month due to a number of product groups such as phones of all kinds and components increased by 34.3%; computers, electronic products and components increased by 37.2%; other machinery, equipment, tools and spare parts increased by 22.3%; iron and steel of all kinds increased by 62.8%, etc.

Over 7 months from the beginning of 2022, the total export value of Vietnam reached USD 217.34 billion, an increase of 16.6% over the same period in 2021.

In the opposite direction, the total value of imported goods of Vietnam in the second half of July reached USD 14.14 billion, a decrease of 13.2%, mainly in several product groups such as computers, electronic products and components, a decrease of 20.8%; other machinery, equipment, tools and spare parts decreased by 9.4%; petrol and oil of all kinds decreased by 38.8%.

Thus, over the seven months from the beginning of 2022, the total import value of the whole country reached USD 216.26 billion, an increase of 14% over the same period in 2021.

From an expert point of view, the current trade surplus is still low, unsustainable, and the risk of trade deficit is always present. Trade deficit not only affects the macro economy (balance of payments, exchange rate, foreign currency debt, inflation...), but also has a negative impact on economic growth. Therefore, the above warning requires a preventive solution.

Among the solutions to limit the trade deficit, the basic solution is to improve the efficiency and competitiveness of domestic production for imports or exports. In addition, it is necessary to speed up supporting industries, minimize processing and assembly to reduce import dependence. At the same time, it is necessary to have solutions to cope with the increase in the USD price, to encourage exports, to limit imports, when the VND/USD exchange rate and the commodity trade rate have decreased for more than 2 years.

In addition, it is necessary to continue to promote safe, flexible adaptation and good control of the pandemic to maintain and develop production and business, to keep up with the recovery momentum and new development trends of the world, at the same time, to be ready to face risks.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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